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Joliet Illinois online Form Instructions 2553: What You Should Know

If you want to start your business in the state of Illinois, you can start as soon as 2023 for an existing business or as early as 2023 for a new business. [Note: For a new organization and S CORPORATION formation, see IRS Publication 513] To register for your S corporation in Illinois, get started. A corporation can become a taxpayer if it elects to be taxed as a corporation. If a corporation qualifies for S corporation status by filing the right paperwork, it can legally carry out its business activities. In this way, S Corporations and LCS gain an advantage when competing for investment and sales resources with other firms because the corporation has the legal right to pursue its business without the protection of corporate boundaries. But not everyone makes the right decision about whether to file an S corporation in Illinois for their corporation, and there are serious penalties for some taxpayers who improperly file.

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